Facts for Prelims (FFP)
Source: DTE
Context: During the 37th African Union Summit, held in Addis Ababa, Ethiopia, African leaders launched the ‘Africa Club’, an alliance of African multilateral financial institutions.
- Focusing on the urgent need for reforming the global financial system to address climate and development needs.
- To tackle this, there was a call for increased access to high-quality finance for climate and development efforts, which led to the
- African leaders also demanded solutions to the debt crisis, increased grant and concessional money to Africa, and rechannelling of Special Drawing Rights (SDR) to African financial institutions.
